IntradayTrade dot Net dot IN
Market Report

Tuesday, 24-Jan-2017


  • The broader NSE index closed up +1.00 per cent, or 84.30 points up at 8,475.80 today. Earlier in the session, it hit 8,480.95, its highest since Nov 10, 2016. The NSE Index broke above a resistance at 8,463 points, the 23.6 pct Fibonacci retracement level on the uptrend from Feb. 29, 2016, low of 6,825.8 to Sept. 7, 2016, high of 8,968.70, a day prior to the derivatives expiry. Sensex, the benchmark BSE index, ended up +0.95 per cent, or 258.24 points up at 27,375.58 today.

  • Benchmark indices settled on a higher note, at their highest levels in two-and-a-half months, with Nifty 50 holding 8,450 level ahead of expiry of January derivative contracts tomorrow and Union Budget that will be presented on February 1. Analysts are hoping for a budget that delivers some incentives to support an economy that has been hit by India's shock move to ban higher-value banknotes.

  • The Nifty50 reclaimed its crucial level of 8,450 on Tuesday and formed a bullish candle, which resembled a 'Bullish Belt Hold' pattern on the daily candlestick chart, which indicated that the bulls are back to cheer the pre-budget rally after the consolidation of last 10 sessions. The market is likely to remain volatile ahead of the expiry of January series derivative contracts on Wednesday. Considering the current breakout, traders can continue to maintain a positive stance as long as the Nifty50 sustains above the 8,398 level, which can be regarded as a stop loss for long trades, say experts.

NIFTY 3-Month

(Data/Charts courtesy NSEI/Yahoo!/iCharts/The Economic Times)